“We expect to achieve a full year return on beginning equity of approximately 22%, and we expect to bring our book value to approximately $65 per share at year-end.”

In context

“s better than our guidance. We expect our fourth quarter tax rate to be 26%, which would bring the full year rate to approximately 25.4%. We expect interest in cost of sales to be approximately 1.5% in the fourth quarter and for the full year as we continue to benefit from our reduced leverage. We expect community count to be approximately 375 by fiscal year-end with continued growth in fiscal year 2024. Our weighted average share count is expected to be approximately $111 million for the full year and $109.5 million for the fourth quarter. We reiterate our guidance for approximately $400 million of share repurchase year, implying approximately $150 million of buybacks in the fourth quarter. Putting this all together, we expect to earn between $11.50 and $12 per share in fiscal year 2023. We expect to achieve a full year return on beginning equity of approximately 22%, and we expect to bring our book value to approximately $65 per share at year-end. This would be the second year in a row, we earned well over $1 billion, and this is in a period when mortgage rates doubled from slightly over 3% in November of 2021 and to their current level, around 7.5%. In addition, since 2020, we have generated an average of $1.1 billion of operating cash flow per year and we expect 2023 to also exceed $1 billion. Turning to the balance sheet. We finished the quarter with a net debt-to-capital ratio of 20.5%, $1 billion in cash and cash equivalents and $1.8 billion available under our $1.9 billion revolving bank credit facility providing us with ample flexibility to both grow our business and return capital to stockholders. We also have no significant bank or senior debt maturities due until November 2025, which is fiscal year '26 for us. In recognit”